Kerry Co-op shareholders are in line to receive an average of €125,700 worth of Kerry Group shares as part of a new deal.

Kerry milk suppliers are also set for a milk price top-up of 5c/l as a settlement to the leading milk price row.

Kerry Group and Kerry Co-op have agreed on a proposal which will see the co-op pay €500m for Kerry Group’s dairy business.

The deal will see an initial payment of €350m by the co-op, funded by Kerry plc shares and debt, with the €150m balance due within 10 years. All shareholders of Kerry Co-op will get 5.3 plc shares for every co-op share they hold plus one share in the new entity.

Resolution

A resolution to the long-running leading milk price dispute is also proposed as part of the deal with Kerry Group offering €50m in settlement, which will fund the milk price top-up.

Kerry Co-op shareholders who are entitled to vote will have their say on the proposal on 16 December.